The global battery materials market will increase to $43.5 billion in 2018

According to Markets and Markets, the global battery materials market is expected to grow from $43.5 billion in 2018 to $65.78 billion in 2023, with a compound annual growth rate of 8.62%.

The Asia Pacific region will lead the global battery materials market. Battery materials are used to make batteries. Cathodes, anodes, electrolytes and separators are the main components of the battery system. Different materials are used to make cathodes, anodes, electrolytes and separators for different rechargeable batteries. Lead-acid battery materials and lithium-ion battery materials account for a major share of the global market.

In 2018, lead-acid batteries will become the largest battery type in the battery material market. More and more used in backup power, emergency lighting, utilities, security systems, railway backup systems, oil and gas, renewable energy systems and other applications. Batteries reduce carbon emissions and provide renewable and recyclable energy.

Lead dioxide is the main cathode material in the manufacture of lead-acid batteries. The cathode is the most used part of the lead-acid battery material because it constitutes the largest part of the lead-acid battery. In addition, the increase in investment in research and development of high-capacity and low-price materials will drive the market for cathode materials.

By 2023, the Asia Pacific region will become the largest battery material market. The battery materials market in the Asia Pacific region is mainly driven by the growth in demand for battery materials in China. Strong manufacturing bases and increasing investment are driving the global battery materials market.

Major companies in the global battery materials market include Umicore (Belgium), Asahi Kasei (Japan), Mitsubishi Chemical (Japan), Pohang Steel (Korea), Johnson Matthey (UK), Hitachi Chemical Co., Ltd. (Japan), and Wu Yu Club (Japan), Sumitomo Corporation (Japan), Toray Industries, Ltd. (Japan), Mitsui Mining and Smelting Co., Ltd. (Japan), etc.